Title
Eastland Redevelopment Sports and Entertainment Development Agreement
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute a master development agreement with the sports complex team (Developer) setting forth the general terms and conditions of the city and Developer's partnership,
B. Authorize the City Manager, or his designee, to negotiate and execute an agreement for the reimbursement of costs for public infrastructure in an amount not to exceed $18.994 million, which represents an additional $8.994 million from previous City Council approval, which is expected to be reimbursed to the Developer in full by the 2024 Bond Referendum or split between the 2024 and 2026 Bond Referendums or in a combination of payments from other municipal sources of funding,
C. Authorize the City Manager, or his designee, to negotiate and execute agreements for the reimbursement of costs for expenses associated with indoor and outdoor amateur sports facilities and other public improvements in an amount not to exceed $22.334 million, which represents an additional $2.344 million from previous City Council approval, to be supported by the Convention Center Tax Fund, and
D. Authorize the City Manager, or his designee, to negotiate and execute any further ancillary instruments or non-material changes to the agreements as may be necessary.
Body
Committee Chair:
Malcom Graham, Jobs and Economic Development
Staff Resource(s):
Tracy Dodson, City Manager's Office
Todd DeLong, Economic Development
Explanation
* The Jobs and Economic Development Committee referred to full Council the discussion on two proposals to redevelop 29 acres of city-owned property, the eastern portion of the former Eastland Mall site. The Committee ranked QC East @ Eastland Yards as the top proposal followed by Eastland Yards Indoor Sports Complex.
* On June 12, 2023, City Council adopted a resolution to allocate up to $10 million from the General Capital Investment P...
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